Selasa, Januari 7, 2020

MK Sets New Interpretation of Fiduciary Security Certificate Executorial Powers and Defaults

The Constitutional Court (Mahkamah Konstitusi – “MK”) recently rendered Decision No. 18/PUU-XVII/2019 granting a judicial review petition of Article 15 (1 - 3) of Law No. 42 of 1999 on Fiduciary Security, which relates to the executorial power of fiduciary security certificates and fiduciary agreement defaults.
Based on this decision, fiduciary security certificates do not now automatically have executorial power. Furthermore, this decision also means that defaults in terms of the execution of fiduciary agreements must be based on the consent of both debtor and creditor or based on a court decision confirming the defaults. Any interpretation which does not follow this MK decision will be deemed unconstitutional.
For more on this story, see: “MK Tafsirkan Cidera Janji dalam Eksekusi Jaminan Fidusia”.

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The Constitutional Court (Mahkamah Konstitusi – “MK”) recently rendered Decision No. 18/PUU-XVII/2019 granting a judicial review petition of Article 15 (1 - 3) of Law No. 42 of 1999 on Fiduciary Security, which relates to the executorial power of fiduciary security certificates and fiduciary agreement defaults.
Based on this decision, fiduciary security certificates do not now automatically have executorial power. Furthermore, this decision also means that defaults in terms of the execution of fiduciary agreements must be based on the consent of both debtor and creditor or based on a court decision confirming the defaults. Any interpretation which does not follow this MK decision will be deemed unconstitutional.
For more on this story, see: “MK Tafsirkan Cidera Janji dalam Eksekusi Jaminan Fidusia”.

......

Subscribe to read more legal analysis.

Hukumonline Pro Intelligence

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Rp 5.000.000 /bulan